Those "pay it off fast" schemes??
A few years ago I was approached by a 'friend' who was doing a great biz of charging homeowners a pretty hefty fee in exchange for the info and program to pay off the principle of a home loan and save HUGE bucks of interest.
I discounted it as a smoke and mirrors type arrangement and cant see HOW you can pay off faster without paying additional sums of principle sooner!!! They say-"You pay no extra payments,you pay by virtue of a 'magic' algorithm they provide,,,not bi weekly as some have tried"
They somehow create a HELOC to provide these funds and make payments from there,,,sort of wishy washy money in different accounts.
THEY say its all in the 'timing' of these payments directed by them.
My contention was the ONLY way to pay off a loan early(thereby saving LOTS of interest) is to disguise extra principle payments in disposable income as discretionary spending etc.
I was told, no thats not how its done,altho its been so long ago I dont even remember half the pitch. I couldnt see where I could in good conscience take a few thousand from homeowners doing this. Has anyone ever heard of this type deal??Are they as big of scams as it 'sounds'???
I dont even remeber what this company name is,,,have to LOOK alot to see if I can find any of its info. they sent a dvd and all it was ,,,was a cheerleaders view of hip hip hoorah!!,,,greatest thing since sliced bread.
Real or fiction???